MiniMax (100.HK) rose 1.3% in Hong Kong trading to HK$353.6, extending gains after the AI model developer surged more than 16% on Friday following its interim results.
The company reported first-half revenue of nearly $120 million, up 283% year on year. CITIC Securities noted that token consumption in July reached 20 times the January level, with annual recurring revenue surpassing $800 million in August, pointing to accelerating commercialization of China's homegrown large language models.
Caitong Securities maintained a buy rating, citing a rising share of enterprise service revenue. Southbound funds via Stock Connect were net buyers throughout August, with holding ratios climbing over the past five sessions.